For the economy to be able to recover from the pandemic, implementation of concrete and sustainable plans is vital and Europe knows it. To bring this to fruition, the European Commission has prepared a Draft Budget for 2022, giving priority to investments that are key to helping initiate a transition towards a green and digital future. The budget aims for Europe to be ready for the challenges that may arise in the future, complying with the principles of the Next Generation EU Programme.
The budget reflects the EU’s strategic priorities of achieving sustainable growth and resilience. The European Commission means to direct funds where they would have the most impact, in line with the essential recovery requirements of EU Member States and partners worldwide.
For Europe to be able to be equipped for future challenges, €118.4 billion in grants were allocated by Next Generation EU as part of the Recovery and Resilience Facility (RRF), created to mitigate the economic and social impact of the coronavirus pandemic and to make EU economies and societies more resilient and better prepared for the future.
The 2022 Draft Budget is part of the Union’s long-term budget, which was adopted at the end of 2020. Every year, the budget seeks to convert its priorities into concrete results. A large part of the funds is allocated to the fight against climate change, which is one of the key strategic priorities to be met, in line with the European Green Deal.
“Today we have allotted unprecedented amounts of financial support to help Europe recover from the economic and health crises. We are determined to help the people, businesses and regions most affected by the pandemic. We will invest in Europe’s resilience and development through the promotion of green and digital transitions. Getting Europe back on track, speeding up its recovery and preparing it for the future are our main priorities,” said Johannes Hahn, the European Commissioner for Budget and Administration.
You can read the 2022 Draft Budget and the related allocations on the European Commission’s website.